Wall St set for higher open after jobless claims data, Nvidia results
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Snowflake jumps after raising annual product revenue forecast
Deere shares up after Q4 profit beats estimates
Crypto stocks gain as bitcoin prices near $100,000
Weekly jobless claims stand at 213,000
Futures: Dow up 0.45%, S&P 500 up 0.47%, Nasdaq up 0.49%
Updates before market open
By Johann M Cherian and Purvi Agarwal
Nov 21 (Reuters) - U.S. main stock indexes were poised for a higher open on Thursday as investors focused on signs of a healthy economy, and AI-heavyweight Nvidia's upbeat quarterly results and forecast.
Wall Street's biggest company, NvidiaNVDA.O, rose 1.3% in premarket trading aftersurpassing expectations for quarterly results, and projected fourth-quarter revenue above estimates.
The stock had fallen earlier as some investors were unimpressed that the forecast was itsslowest in seven quarters.
"Nvidia had a spectacular quarter ... but it is overshadowed by expectations. Great expectations are built in the stock and have been running at the rate at which Nvidia has been running," said Art Hogan, chief market strategist at B Riley Wealth.
Other chip stocks were mixed, with BroadcomAVGO.O up 1.4% and Advanced Micro Devices AMD.O rising 1.1%, while Intel INTC.O inched up 0.2%.
Growth stocks Meta Platforms META.O rose 0.6%, Amazon.com AMZN.O added 0.8% and Apple AAPL.O climbed 0.2%.
At 8:49 a.m. ET, Dow E-minis 1YMcv1 were up 195 points, or 0.45%, Nasdaq 100 E-minis NQcv1 were up 102.5 points, or 0.49% and S&P 500 E-minis EScv1 were up 28 points, or 0.47%.
Nvidia has led much of the U.S. market rally since mid-2023 on expectations that artificial intelligence integration could boost corporate profits. The stock has risen more than nine-foldin the past two years and the company boasts a market value of $3.5 trillion.
Wall Street indexes have retreated from their record highs, with post-election euphoria giving in to caution after President-elect Donald Trump named his cabinet picks, as markets weigh the potential inflationary impact of his policies.
On the data front, a weekly report on jobless claims stood at 213,000, compared with expectations of 220,000.
Money market bets were tied between expectations that the Fed will lower interest rates by 25 basis points at its December meeting or if it will stay put, according to the CME Group's FedWatch.
"The employment picture is a little bit stronger and one could think that would give the Fed another reason to either pause in December or to slow things down in 2025," said Sam Stovall, chief investment strategist at CFRA Research.
Investors also kept an eye on escalating tensions between Russia and Ukraine.
Meanwhile, Richmond Fed President Tom Barkin said the United States is morevulnerable to inflationary shocks than in the past, according to a media report.
Comments from Federal Reserve officials Austan Goolsbee and Vice Chair for Supervision Michael Barr are on tap.
Deere DE.N shares gained 1.2% after the farm equipment maker beat Street estimates for fourth-quarter profit.
Alphabet GOOGL.O dropped 0.8% after the Justice Department argued to a judge that Google must sell its Chrome browser and take other measures to end its monopoly on online search.
Crypto stocks such as MARA Holdings MARA.O jumped 10%, MicroStrategy MSTR.O rose 14% and Coinbase COIN.O gained 2.4% as bitcoin BTC= prices soared to nearly $100,000 for the first time.
Snowflake SNOW.N raised its annual product revenue forecast and said it has teamed up with AI firm Anthropic to build up its cloud services, sending the data analytics provider's shares up 25%.
Palo Alto Networks PANW.O lost 3.3% after announcing a two-for-one forward stock split after the cybersecurity firm topped quarterly revenue and profit expectations.
Nvidia's triple-digit growth comes to an end https://reut.rs/4fsHKtH
Reporting by Purvi Agarwal and Johann M Cherian in Bengaluru; Editing by Pooja Desai and Maju Samuel
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